LONDON: Elixirr International plc (ELIX.L), a UK-based challenger consultancy, said on Monday it has acquired TRC Advisory LLC, a fast-growing US consultancy focused on growth strategy and commercial effectiveness, for up to $125 million.
The deal, which includes performance-based top-up and earn-out payments, will be settled through a mix of cash and newly issued ordinary shares. Elixirr said the acquisition is expected to be immediately earnings-enhancing.
TRC, which reported $28.8 million in revenue and $13.5 million in adjusted EBITDA for 2024, is projected to reach up to $37 million in revenue in 2025. The acquisition marks Elixirr’s largest to date and its fifth in the United States, accelerating its expansion in North America and diversifying its industry reach.
TRC’s leadership team will join Elixirr as partners and acquire shares in the company. The deal includes a one-year lock-in period on share sales and performance-based share options for TRC employees.
Elixirr will fund the initial $41 million cash component through an expanded credit facility and term loan with NatWest, while $16 million will be paid in shares. Deferred consideration of up to $68 million will be tied to TRC’s EBITDA performance through 2028.
The acquisition is expected to unlock cross-selling opportunities and enhance Elixirr’s service offering in manufacturing, industrials, and digital transformation.
Stephen Newton, Founder and Chief Executive Officer of Elixirr, commented: “TRC is exactly the kind of firm we look to bring into the Group: bold, entrepreneurial and obsessed with delivering results that create real impact. They’ve earned the trust of some of the world’s most ambitious clients by bringing sharp thinking and commercial impact, not just theory. That’s the Elixirr way, too.
“Together, we’ll deliver even greater impact to our clients, scale faster in the US and continue proving there’s a better alternative to the more traditional consulting firms.”
Tim Romberger, Founder and Managing Director of TRC, commented: “Elixirr is the ideal partner for TRC in enabling our next stage of growth and – most importantly – our principal objective of bringing the advice and support necessary for our clients to outperform. We share the same entrepreneurial DNA, client-first mindset and orientation towards tailored, data-driven strategies underpinned by stronger implementation muscles. With Elixirr’s global reach, industry breadth and complementary capability set in AI, digital, operations and brand strategy we will accelerate our progress in becoming a truly disruptive force in the consulting industry.”